Tech

African B2B e-commerce giants, Wasoko, MaxAB announce merger

Published

11 months ago

December 23, 2023

Two of Africa’s most prominent B2B e-commerce giants, Kenya’s Wasoko and Egypt’s MaxAB, have announced a preliminary merger that will see them come together as one entity to drive the transformation of the informal retail sector in the continent.

The preliminary merger agreement, according to MaxAB CEO, Belal El-Megharbel, is a crucial first step in the process that will allow the two startups iron out the details and determine whether or not they are a good fit.

El-Megharbel, in a statement on Friday, said the agreement was non-binding and only serves as a blueprint for the final merger agreement.

“It has not yet been announced what that new entity will be called, or whether the merger of equals is a 50/50 share split or otherwise,” El-Megharbel said.

“This merger is the culmination of developing excellent teams, a lot of hard work over the years and a commitment to innovative solutions adding up to our unique offering to retailers.

“I am proud of what we have achieved as MaxAB, and even more excited for our future together with Wasoko. As a combined company, we can truly unlock the potential of Africa’s informal retail sector across a variety of technology-enabled services in e-commerce, fintech and logistics.

“As we embark on this new chapter, I am confident that the natural synergies between us will empower our customers and partners across the continent”, he added.

Also speaking on the deal, Daniel Yu, Wasoko’s CEO, said:

“As we embark on our next stage of expansion, our merger with MaxAB underscores our commitment to empowering businesses and connecting consumers across all parts of the African continent with an affordable and diverse range of essential products.

“When I launched Wasoko in Kenya in 2016, it was with the promise of becoming a truly pan-African company, and this merger is the boldest step we’ve taken towards realising that goal while reflecting my personal history developing the initial concept behind Wasoko during my time spent in Egypt over a decade ago.

“We are excited to go further together on our shared vision, bolstered by complementary strengths while building the foundation for a remarkable partnership”.

Wasako, which was previously known as Sokowatch, had, in March 2022, closed a $125 million Series B equity round that enabled retailers to restock products for their businesses at any time via mobile app with free same-day delivery.

It is accessible across Kenya, Tanzania, Rwanda, Uganda, Zambia and the Democratic Republic of Congo (DRC).

On the other hand, MaxAB, which was founded in 2018, also closed its own $40 million pre-Series B equity round in October 2022, which allowed local underserved merchants and mom-and-pop shops in Egypt and Morocco to grow, increase their revenues, and enhance their own quality of life.

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Tech

Ghana partners with The Gambia to provide free roaming services

Published

10 hours ago

November 21, 2024

Isaac Dachen

Ghana and The Gambia are in the process of launching free roaming services that will enhance a West African connectivity.

The plan which is a joint initiative of the Ghana Ministry of Communications and Digitalisation and The Gambian National Communications Authority (NCA) will see mobile users in both countries avoiding extra charges for calls, texts, and data, which in turn, is expected to boost trade, tourism, and economic integration across borders.

The collaboration, according to a joint statement by the two bodies, aligns with the Economic Community of West African States’ (ECOWAS) broader push for seamless regional communication.

“Ghana and The Gambia are forging new paths in West Africa’s digital landscape, implementing a free-roaming initiative,” the statement said.

“This move strengthens regional connectivity while highlighting the role of technological collaboration in fostering economic integration. The initiative enables mobile users travelling between the two nations to make calls, send messages, and use data services without additional roaming fees.”

It further noted that by reducing these costs, the program aligns with the ECOWAS Free Roaming Initiative, which seeks to eliminate barriers to communication across member states.

“It is a boost for trade and travel as the free roaming plan is expected to spur economic activities by streamlining cross-border communication.

“Businesses and individuals travelling between Ghana and The Gambia can now stay connected without worrying about exorbitant charges, facilitating smoother transactions and personal interactions. The initiative is also expected to attract more tourists by ensuring seamless digital access for visitors.

“This collaboration marks another milestone in Ghana’s commitment to expanding digital connectivity, following Ghana’s successful implementation of similar agreements with Côte d’Ivoire, Togo, and Benin, with talks of possible roaming partnerships with Liberia.

“By focusing on digital integration, Ghana and The Gambia demonstrate the power of technology to bridge gaps between countries. This step also serves as a model for other West African nations to join the free-roaming framework, contributing to the larger goal of a connected and economically integrated region,” it added.

Tech

Tanzania to host 6th Ocean Innovation Africa summit in February

Published

1 day ago

November 20, 2024

Isaac Dachen

Dar es Salaam, Tanzania, has been selected to host the sixth edition of the Ocean Innovation Africa (OIA) summit from February 24-28, 2025, as a flagship event within Regenerative Ocean Week.

The Ocean Innovation Africa is set to be Africa’s most significant platform for Ocean Innovation conservation, and sustainable development in the blue economy. OIA2025 will be co-organised with leading partners, including IUCN, GIZ, OceanHub Africa, Catalyze and the Ocean-Climate Platform.

With the theme, “Science-to-Solution”, the Regenerative Ocean Week will present a line-up of sessions designed to bridge the gap between scientific research, business innovation, policy, and community engagement.

According to the organizers of the event, it will bring together African ocean innovators, investors, researchers, policymakers, and community leaders to explore practical solutions that can be applied across the continent.

“These include the OIA Pitch Competition, which is a platform for Africa-based startups and entrepreneurs to showcase breakthrough ideas in ocean-impact solutions, allowing them to connect with investors and industry leaders and emphasizing Africa’s role in driving sustainable ocean initiatives,” the organizers said in a statement.